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20130110
20130110
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Search Results 0 to 31 of about 32 (some duplicates have been removed)
CBS
Jan 9, 2013 7:00pm EST
fiscal cliff in the rear view mirror, raising the debt ceiling is washington's next big drama. we look at why its so important. >> susie: i'm susie gharib. that drama, could have a new cast member, we're learning the president will nominate jacob lew as his next treasury secretary. >> tom: and with its reputation already on the ropes, a.i.g. the big bailed-out insurer decides against suing uncle sam. >> susie: that and more tonight on "n.b.r."! >> tom: there could soon be a new signature on the dollar bill, jacob "jack" lew is said to be the president's pick to replace treasury secretary timothy geithner. that nomination is expected tomorrow. should he be confirmed by the senate, one of lew's first challenges will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which b
PBS
Jan 9, 2013 6:30pm PST
fiscal cliff in the rear view mirror, raising the debt ceiling is washington's next big drama. we look at why its so important. >> susie: i'm susie gharib. that drama, could have a new cast member, we're learning the president will nominate jacob lew as his next treasury secretary. >> tom: and with its reputation already on the ropes, a.i.g., the big bailed-out insurer, decides against suing uncle sam. >> susie: that and more tonight on "n.b.r."! >> tom: there could soon be a new signature on the dollar bill, jacob "jack" lew is said to be the president's pick to replace treasury secretary timothy geithner. that nomination is expected tomorrow. should he be confirmed by the senate, one of lew's first challenges will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidly running out of cash. the federal government has already hit the debt ceiling. and the only way the government can pay its bills is by using accounting gimmicks to move money around. those tricks will only get the government through mid-february. at that point lew might have to take the unprecedented step of deciding he has the legal authority to pick and choose which
MSNBC
Jan 10, 2013 9:00am EST
circumvent the looming fight over the debt ceiling. even better, apparently it is totally legal. thanks to a law co-authored by republican congressman cassel. it came at the request they wanted the treasury department to mint more affordable coins like these. the law did not set a limit on the value of those coins. it says, quote, the secretary may mint and issue platinum bouillon coins and proof platinum coins in quantities, denominations, and inscriptions as the secretary and secretary's discretion may prescribe from time to time. there it is. ben white, chief economic correspondent for politico. ben, let me start with you. look, both of you and tony, you tweet all the time almost sort of mocking the coin idea. i was -- honestly, asking the question a little bit of sort of a -- like okay, this isn't a real issue and then watch with sort of some shock when the white house didn't dismiss it out of hand. ben, were you surprised? >> i was a little bit surprised there wasn't more forceful denial this was a scheme they would ever consider doing. you could have just said no, we are not minting platinum coins with a trillion dollars to allow the treasury to pay its bills. you gave him multiple opportunit
PBS
Jan 9, 2013 7:00pm PST
the debt ceiling, the real fight is over deficit reduction and the debt ceiling is not a lever that will ultimately be pulled. being treasury secretary over the next couple of years is not going to be an easy job, tom. >> tom: what do we know about lew's background, darren, that could inform us how he may treat the negotiations over the debt ceiling? >> he has been described to me as a pragmatic progressive. he has been around for 25 years in washington, and he has been involved in almost all of the major budget battles. so he is widely respected. he really knows his stuff, and he is seen as a calm but fierce negotiator. >> tom: did he play any role back in august of 2011, the last time we had this debt ceiling de back debac. >> absolutely. there were some republicans who felt that lew got the best of them. he came up with the whole scenario of sequester, which at the time was thought as equal playing. but at the time it came into play, it was seen as more beneficial to democrats. >> tom: does that spell out some already ultra hard bargaining, i suppose, on the part of the republicans, if they think lew got the best of them last time
CNBC
Jan 10, 2013 4:00pm EST
to you. >> thanks so much. as part of the debt ceiling debate the trillion dollar coin is being tossed around as a way to avoid any standoff between the two sides. the idea is that the treasury company mint the coin, deposit it at the federal reserve so that the government can pay its bills, but noted economist jim grant thinks it's a bad idea. does have his own solutions to this looming crisis. jim grant joins us from grant interest rate observer. great to see you. happy new year. thanks for joining us once again. you don't think this trillion dollar coin is the answer. >> that is an urban legend. >> yeah. >> okay. what we need to do i think, first of all, is to speak clearly about this problem we this, this debt problem. for example, secretary of the treasury is not the secretary of the treasury. it is secretary of the debt. there are being no net treasurer in the treasury so we must be clear about that. we use the word trillion. $1 trillion is a million million. $1 trillion is an incomprehensible number we throw around and it numbs us, and we must speak of it in a weight. so $1 trillion is 22 million pounds of 100 bills. 16 trillion is 360 million pounds of $100 bills. that's jus
Current
Jan 10, 2013 3:00am PST
unable to come up with a way to avoided hitting the debt ceiling, the idea is that basically we could mint a trillion dollar coin and give it to treasury and they could tuesday to pay off our -- to cover our debt obligations and then we wouldn't need to worry about the debt ceiling anymore. it sounds absurd and there's a lot of people who are hoping that the life-span of the story goes on for awhile because it is ridiculous. but it turns out that there is an obscure 1990s law that does, in fact, allow the treasury department to do this. so it is not completely made up. but it is -- the idea that this is how it would take care of our debt obligations with a coin, is pretty -- i mean what next? >> bill: isn't this sort of like inflation? you know. like when you read about these countries at one time that would have -- it would cost you a trillion dollars to get a coke or something like that. when their money went -- isn't that what happens? >> i was reading about this. before i was reporting on it and it appears it wouldn't have much of an effect on inflation because you are technically paying off debt obligations that you already incurred.
WETA
Jan 10, 2013 6:30pm EST
. president obama taps a new warrior for the debt ceiling fight. he chooses jacob lew to be the 76th u.s. secretary of the treasury. >> tom: i'm tom hudson. uncle sam wants to make sure you can afford that home loan before you buy. new rules to protect consumers from bad mortgage lenders are on their way. >> susie: and, we look at whether new year's resolutions, to lose weight, can pump up your portfolio. >> tom: that and more tonight on "n.b.r."! >> susie: president obama named today a "low key" washington hand as his new secretary of the treasury. jacob lew is being called a man who combines tough bargaining with deep economic understanding and a commitment to protecting the safety net for the poor and the elderly. some republicans have promised to oppose lew's nomination, but most say they are reserving judgment. darren gersh has more on this pivotal player. >> reporter: the president introduced his pick for treasury secretary as a man who gets tough jobs done. and one of those jobs will be protecting programs the president supports. >> as the son of a polish immigrant, as a man of deep and devout faith, jack knows eve
FOX Business
Jan 10, 2013 6:00pm EST
have to negotiate on the debt ceiling. gerri: many ways to skin a cat. come back. thank you quick trip to be with you. gerri: also today, as expected, president obama introducing treasury secretary nominee white house chief of staff jack lew. taking of the treasury as the white house prepares for the major fight with republicans over the debt ceiling. the rumors began swirling that he would get the nomination. we here at "the willis report" took a look at who jack lew is and where he came from. his biography, as we mentioned, was chock full of political experiences from his time on capitol hill to his work with the clinton and obama administrations. what we did not point out was his brief stint at citigroup. not something he often talks about. from 2006-2009 he ran the alternative investment arm. that division made its profits from shorting the housing market , betting against homeowners like me and you. while he was citigroup they took in 45 billion from taxpayers under t.a.r.p. two weeks before he left to join the obama administration he took, bonus. before citigroup payback taxpayers, and it was not too shabby, nearly a million. so more than just a politician and lawyer. he w
PBS
Jan 9, 2013 6:00pm PST
hudson. with the fiscal cliff in the rear view mirror, raising the debt ceiling is washington's next big drama. we look at why its so important. >> susie: i'm susie gharib. that drama, could have a new cast member, we're learning the president will nominate jacob lew as his next treasury secretary. >> tom: and with its reputation already on the ropes, a.i.g., the big bailed-out insurer, decides against suing uncle sam. >> susie: that and more tonight on "n.b.r."! >> tom: there could soon be a new signature on the dollar bill, jacob "jack" lew is said to be the president's pick to replace treasury secretary timothy geithner. that nomination is expected tomorrow. should he be confirmed by the senate, one of lew's first challenges will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidun
PBS
Jan 10, 2013 12:00am PST
view mirror, raising the debt ceiling is washington's next big drama. we look at why its so important. >> susie: i'm susie gharib. that drama, could have a new cast member, we're learning the president will nominate jacob lew as his next treasury secretary. >> tom: and with its reputation already on the ropes, a.i.g., the big bailed-out insurer, decides against suing uncle sam. >> susie: that and more tonight on "n.b.r."! >> tom: there could soon be a new signature on the dollar bill, jacob "jack" lew is said to be the president's pick to replace treasury secretary timothy geithner. that nomination is expected tomorrow. should he be confirmed by the senate, one of lew's first challenges will be dealing with the rapidly approaching debt ceiling. darren gersh reports. >> reporter: assuming he wins senate confirmation, jacob "jack" lew will take over a treasury that is rapidun
MSNBC
Jan 10, 2013 2:30am PST
debt ceiling. look at his signature. here's what it would look like on its dollar bill. it makes my chicken scratch look good. >>> hilda solis announced that she's resigning. eric holder is staying on at least for now. also remaining on the job secretary of health and human services kathleen sebelius. ray lahood the only republican in the cabinet hasn't signaled whether or not he's leaving this administration. >>> hill kri clinton will be stepping down from her post in the coming weeks. we're not going to call it retirement? >> retirement? >> i don't know if that's the word i would use. certainly stepping off the very fast track for a little while. >> the obama administration pushing back after a picture taken in the oval office, this image by the photographer was featured on the front page yesterday of the "new york times." a group of men meeting with president. with top positions at the state, defense and treasury departments all offered recently to males, jay carney was asked about the gender issue. >> janet napolitano is secretary of home land security. this president has appoin
CNN
Jan 10, 2013 11:00am PST
and what you need to know about the debt ceiling and california teachers say no to guns. first president obama is just nominated jacob jack lew to be the next treasury secretary. lew has been the chief of staff and described as a consummate washington insider. he has done two stints at the office of management and budget. an old cog eel of his told me yet experience makes him the perfect choice for the job right now. >> it is described as the central nervous system and everything of consequence goes through it. it coordinates the branch for the president like the chief operating officer role. in that, jack has been exposed to every type of policy and issue and regulation. it's a huge gambit of issues and terrain that he is an expert on the depth he can bring on a number of issues, especially economic policy. >> that makes lew more than qualified to negotiate the debt debates and republicans in congress. wall street doesn't like him so much. who cares what wall street thinks. to many that makes him more palatable. the president made the right choice with tim geitner because the world was teetering on financial collapse. he knew the ins and outs of wall street
MSNBC
Jan 10, 2013 10:00am EST
. unitedhealthcare. dodge. with congress showing little progress on next month's debt ceiling deadline, a far-fetched solution is getting more mainstream. we're talking about the $1 trillion coin. supporters including some lawmakers and nobel laureate paul krugman say the treasury department has the power to mint the supercoin which in turn would be used to raise the debt ceiling. and white house press secretary jay carney added some fuel to the fire when he refused to rule it out. >> do you believe you have a power to mint -- >> there is no plan "b." there is no backup plan. there is congress' responsibility to pay the bills of the united states. >> that's a little evasive in your answer. but i say -- are you narrowing the lead -- are you trying to leave room or not? >> there's no substitute for congress extending the borrowing authority of the united states. >> do you believe this is an option, and viable? >> i think there's the only option there. there is no backup plan. the only option is for congress to do its job. >> let's bring in nbc analyst and former communications editor karen finney. and also chip saltzman. good morning. >> it seems crazy we're talking about this. but supporters of this trillion-dollar coin are pointing to this law which says in part, quote, t
NBC
Jan 10, 2013 11:00am EST
was involved in the debt ceiling with congress back in 2011 and, of course, the recent fiscal cliff talks. republicans aren't excited about the pick but it's unlikely they'll be blocking that nomination. keith, back to you. >> all right. thanks hampton. >> you got it. >>> we introduced you to a wonderful young man who was really hoping a family would come forward to adopt him after his appearance on "wednesday's child" last spring. we think the right family didn't happen to be watching so we want you to have an opportunity to meet ronald again. there was a chef's coat and an apron and finally, the making ronald ready for his first real lesson in cooking. >> you ever worked with pan he ta before? >> this chef of the art institute of washington's culinary school was giving ronald, an aspiring chef, a lesson in making pasta carbonera. his social worker says being a chef is one of the dreams that he has for the future. but she says he'd really like a future that would include an adoptive family. >> he's a sweet kid. the thing that's so amazing about him is he really wants to do well and
KRON
Jan 9, 2013 5:00pm PST
. he was a key player in the 20-11 debt ceiling talks. he'd replace timothy geithner, who's moving back to new york to be with his family. >> jacqueline: we can see through the stormtracker 4 radar. we are starting to see some clearer conditions put richmond is also seeing some clear conditions a bit heavy through san francisco. heavier rainfall is pressing through pacific, and a light rain over san francisco. these showers are going to continue. 24 of it in that hayward. and the san jose the satellite & radar showing this cold front. right in the heart of the bay area with clear skies and also the spotty cloud pattern is showing instability. you will talk more about that and they're really cold temperatures coming up. >> pam: injuries and a kicker controversy among the questions addressed by 49ers head coach jim harbaugh this afternoon. kron four's rob fladeboe at 49er headquarters looking for answers and has the coach's thoughts on this weekend's big playoff game as well. >> i thought that was it jack harbaugh. [laughter] >> reporter: no, it wasn't jack harbaugh but rather tennes
FOX Business
Jan 10, 2013 4:00pm EST
weekend press cycle when the debt ceiling debate will most likely reemerge, but i think the fundamentals for tomorrow are strong. you'll see some carry forth in commodities and equities. treasury supply is right out of the way, so treasuries might bounce a little bit ahead of the fed buyback program next week. but earnings so far have come out pretty solid. expectations are ratherrer modest given the fiscal cliff from last quarter and earlier this month. so really i think we'll probably trade a little higher tomorrow, but you could see some profit taking the last hour or so. ashley: all right. john brady, rj o'brien managing director. thank you so much from the cme. let's bring in our market panel now, david fleischer and jack ablin. john just said, look, so far earnings have been, well, solid, but let's face it, the bar is pretty low, so i don't know how much you can read into that. you are moderately bullish. so what is your expectation for the first quarter and the rest of the year? >> well, i'd say overall for the year we are cautiously optimistic. we think that the tax resolution that we had regarding the fiscal cliff adds a bit of extra certainty. corporations will probably beg
CSPAN
Jan 9, 2013 8:00pm EST
that they will be running out of options to avoid reaching the debt ceiling. if congress does nothing to increase the debt ceiling by then, we could be looking at a government default. even if it is not a default on our debt and the treasury says they will prioritize interest on payments, we're still looking at at a default under government obligation. that means the treasury and the government would have the ability to go out and spend money and the treasure would not have the checks to pay. that could include dod civilian, uniform civilians, on tractors -- contractors. they would expect a check and it would not show up. that would be true for the non- defense parts of the budget as well. doctors expecting a reimbursement. that is if we go into a default situation. that is a major threat to our economy. i argue that it is a threat to our national defense. every major war the united states has fought has been financed in part through borrowing. by going into a default and not being able to pay our obligations for the first time in history, we will put at risk the full faith and credit of the united states government. the treasury has said this. major economists have said this. if you did that, not only would you increase our b
CSPAN
Jan 10, 2013 9:00am EST
increase the debt ceiling by then, we could be looking at a government default. not -- even if it's not a government default on our debt. even if the treasury says we're going to prioritize principal payments, we are still looking at a default on our government obligations. that means that the treasury, the government and the department of defense included, would have the ability to go out and spend money. the treasury would not be able to write the checks to pay the obligations that those agencies have made. so that could include, you know, dod civilian, uniform military, contractors. they would be expecting a check in the mail or deposited in their account, and it just wouldn't show up. you know, that would be true for all the nondefense parts of the budget as well; social security recipients, medicare, doctors expecting reimbursement. the checks just wouldn't show up for about 40% of the dollars the government was supposed to pay out if we actually go into a default situation. obviously, that is a major threat to our economy, and i argue in this analysis that it is also a threat to our national defense. every major war of the united states ev
CNBC
Jan 10, 2013 6:00am EST
you could take a wider view of all this, the debt ceiling that was always sort of there never quite as intense as it is now. global finance, bigger part, almost a new job for the treasury secretary. oh, i didn't even mention dealing with iran and sanctions. and of course this was the normal brief of the treasury secretary. joe, i have to say that i've covered seven treasury secretaries, in various forms of intensity over the years. jack lew is probably comes to the job with the least independence of any of the seven. whether or not he can gain that independence in the job, unclear to me. i would point out that that independence is something that serves the business community and markets, but also, would serve the white house in that they'd have somebody with at least the perception of independence to speak to their proposals. i don't think jack lew brings that to the table. whether or not the other attributes he has make up for that we'll have to wait and see. >> i was going to ask you if you didn't end your report with that, i was going to ask you to say what you just said, what you said to me off camera -- and i'll tell you, when you said it, i'll tell you what struck me. some
CNBC
Jan 10, 2013 6:00pm EST
oncoming train -- >> all aboard -- >> that is the debt ceiling debacle. or we can fall back on these themes i keep talking about. themes that give us a place to go within all the skirmishing that defines our marketplace day after day. we've gone over china, the banks, and housing. we've told you that the autos and insurance stocks should be bought on weakness and aerospace can work. stay focused when your favorite companies in these sectors. and tonight i've got two new ones, two themes that aren't going away. if anything, i think they're accelerating in 2013. the first, when you speak of big themes, you cannot ignore the revolution in energy in this country. >> buy, buy, buy! >> we have so much of it, particularly so much natural gas it will not be just 2013, 2012, but a multi-year game changer. while we're thrilled about north american energy independence, and by the way, the american technology behind them, don't forget that, we need to ask, how can this theme make us money? i mean, this is "mad money," not mad energy sufficiency. who are the principal winners from years of ultra
FOX Business
Jan 10, 2013 11:00am EST
learned in the debate last year when there was discussion about debt ceiling is that lew is one of these types of individuals who very politically savvy but that doesn't necessarily equate to being a statesman or looking out or if the best interest of the nation as well. it seemed as though when president obama was willing to compromise on certain things, lew was in the background perhaps whispering in his ear, don't compromise, go for more. dagen: we were just talking to our last guest from the "wall street journal" editorial page. talking about the president's goal, in the "wall street journal" today. do you buy that? is that the nation that the president wants to see in the next four years? >> well, i'm not sure if it's the nation that he wants to see in the next four years. maybe over the next 40 years. i'm not exactly sure what his vision for america is. but i think that's the path that we have gone is more towards an entitlement nation. i mean, let's face it -- let's face it, that was the whole purpose of affordable care act, make it more entitlement, social security, medicare, med
CNBC
Jan 10, 2013 9:00am EST
fights ahead on capitol hill over the debt ceiling, over long-term deficit reduction, entitlement programs including social security. he's got international experience from working in hillary clinton's state department and global finance and the global economy is a principal concern of the treasury secretary. and finally, he's ban very low-key white house sfaf staff. that is the pattern president obama what has chosen for his staff picks. the betting is on his successor as chief of staff being another insider, dennis mcdonough, who is now the deputy national security adviser. >> first things first on that story. the top republican on the senate banking committee has come out opposing lew's nomination saying that he must never be secretary of treasury. on the cnbc newsline this morning, senator jeff sessions. good morning. >> good. budget committee, not banking. >> never is a long time, senator. it certainly sounds like a threat to filibuster. how serious are you? >> i feel very strongly about this. in 2011 when he was the omb director, we hoped that there would be an historic bipartisan agreement about our debt course. he came before the american people, announced the budget that he had crafted and said, quote, our budget will get us over the next several years to the point where we can l
CNN
Jan 10, 2013 1:00pm PST
ceiling who he wants in the corner nominating his white house chief of staff jack lew as the next treasury secretary. he srveed as budget director for both presidents obama and clinton. the president praised jack lew for being a low-key guy and hinted to congress he wants lew to get started as soon as possible. >> jack has my complete trust. i know i'm not alone in that. having lew on your team is equivalent of a coach of having the luxury of putting somebody at any position and do well. i could not agree more. so i hope the senate will confirm him as quickly as possible. >> the president may not necessarily get his wish for a quick confirmation. lew is publicly classed with republicans over the budget. the wall street journal editorial page referred to him as a yes man. ali velshi and i spoke with steven moore about why his newspaper is no fan of lew's. >> we were very critical of him in our editorial this morning, wolf, for a couple of reasons. look, we kind of were hoping that this would be kind of a new start for the president, that this second termite be a departure from some of the policies of
CNN
Jan 10, 2013 9:00am PST
issues -- raising the nation's debt ceiling. that's going to be a huge debate. >> yeah. >> and lew if confirmed will have a major role in that. >> yeah. and i agree with gloria. i don't think there's going to be a big confirmation battle. you have to really not like the treasury secretary to not confirm him. here's the thing, compare it to four years ago when tim geithner came in. geithner had been in the room prior to becoming treasury secretary when he was head of the new york federal reserve. they made the decision to let lehman brothers fail. he walked into a banking and a central bank global financial crisis, and he was a guy who had no learning curve. same thing here. we don't have a banking crisis, we don't have a central banking and financial crisis. we've got a budget crisis in washington. jack lew is steeped in the budget. he takes over from tim geithner right in the middle of this debt ceiling debate which will be followed immediately by the sequestration, the broad spending cuts debate. and then the fact that the u.s. has not had a federal budget since 2009. the so-called
Search Results 0 to 31 of about 32 (some duplicates have been removed)